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FEDERAL RESERVE BANK OF N E W YORK Fiscal Agent of the United States r Circular No. 7 7 1 7 " 1 L September 24, 1975 J UNITED STATES SAYINGS BONDS —Use of Penalty Envelopes —Change in Mailing Procedures To All Issuing Agents for United States Savings Bonds in the Second Federal Reserve District: Penalty envelopes The T reasury D epartm ent has advised us that, beginning with the quarter ending Sep tember 30, 1975, it will be necessary for issuing agents to submit quarterly, rather than annual, reports to this Bank on their use of special penalty envelopes in mailing U nited States Savings Bonds. This change has been made to facilitate projecting the need for such envelopes. Enclosed is a card form to be used in m ailing the first quarterly report; additional cards are available at this Bank. It is suggested th at you m aintain sufficient records of the num ber of penalty envelopes received, the number spoiled, and the number on hand so th at you may submit accurate reports at the end of each quarter. The quarterly reports m ust be returned by the time indicated in the upper left portion of the card, so th at this Bank may send a timely consolidated report to the T reasury Department. The T reasury D epartm ent has also advised us that penalty envelopes may no longer be used for hand delivery of savings bonds. G ift envelopes for this purpose are available from this Bank upon w ritten request. Mailing procedures The arrangem ent between the T reasury D epartm ent and the U. S. Postal Service whereby issuing agents could return unissued or unfit savings bonds to this Bank by registered mail without paying the registry fees has been discontinued. Accordingly, agents who return unissued or unfit savings bond stock should pay the registry and postage fees on such shipments and request reimbursement for both in the usual manner. Issuing agents should no longer use Form SA V .B 378 stickers ( “R egistry Fee Paid by United States T reasu ry ” ) on these shipments. As indicated in our Circular No. 7168, dated June 25, 1973, only shipments of unissued or unfit savings bond stock should be sent to this Bank by registered mail. * * * Amendments to our O perating Circular No. 20, on instructions to issuing agents for savings bonds, reflecting these changes will be sent to you shortly. P a u l A. V o lc k e r , President.
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